My previous EUR/USD signal on 8th April was not triggered, as there was no bearish price action when the resistance levels were first reached.
Today’s EUR/USD Signals
- Risk 0.75%.
- Trades must be entered prior to 5pm London time today only.
Short Trade Ideas
- Short entry following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.0699, $1.0781, or $1.0799.
- Put the stop loss 1 pip above the local swing high.
- Adjust the stop loss to break even once the trade is 20 pips in profit.
- Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Long Trade Ideas
- Long entry following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.0611 or $1.0592.
- Put the stop loss 1 pip below the local swing low.
- Adjust the stop loss to break even once the trade is 20 pips in profit.
- Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
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EUR/USD Analysis
In my previous analysis of the EUR/USD currency pair one week ago, I wrote that the technical picture was uncertain and the price had no real direction. I was looking for a long scalp off
$1.0800 or a short scalp off $1.0848. Neither opportunity set up.
The technical picture now is a little more bearish, with the price having declined over the past week, but we also seem to be lacking any clear direction and there does not seem to be much present in the way of opportunity.
I think that the price is likely to move little today as it is a Monday. I also think the price is likely to range due to absence of clear direction. For these reasons, I see a scalp from any rejection of $1.0610 or $1.0699 as the best potential trade which might set up today.
There is nothing of high importance scheduled today concerning the EUR. Regarding the USD, there will be releases of Retail Sales and the Empire State Manufacturing Index data.
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